Smartsheet (NYSE:SMAR) Price Target Raised to $50.00

Smartsheet (NYSE:SMARFree Report) had its price target boosted by Wells Fargo & Company from $47.00 to $50.00 in a research report report published on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Smartsheet from $51.00 to $53.00 and gave the stock an overweight rating in a research report on Thursday. Bank of America initiated coverage on shares of Smartsheet in a research report on Monday, February 26th. They issued an underperform rating and a $45.00 price objective for the company. DA Davidson decreased their price objective on shares of Smartsheet from $65.00 to $55.00 and set a buy rating for the company in a research report on Friday, March 15th. BMO Capital Markets boosted their target price on shares of Smartsheet from $42.00 to $48.00 and gave the stock an outperform rating in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their target price on shares of Smartsheet from $54.00 to $50.00 and set an overweight rating for the company in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $51.75.

Read Our Latest Analysis on Smartsheet

Smartsheet Price Performance

NYSE SMAR opened at $44.29 on Thursday. The company has a market capitalization of $6.09 billion, a PE ratio of -71.43 and a beta of 0.74. The company has a fifty day moving average of $39.10 and a 200 day moving average of $42.37. Smartsheet has a 1 year low of $35.52 and a 1 year high of $49.42.

Smartsheet (NYSE:SMARGet Free Report) last issued its quarterly earnings data on Thursday, March 14th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.17. The business had revenue of $256.95 million during the quarter, compared to the consensus estimate of $254.99 million. Smartsheet had a negative net margin of 8.35% and a negative return on equity of 12.42%. Research analysts expect that Smartsheet will post -0.25 earnings per share for the current year.

Insider Activity at Smartsheet

In related news, CFO Pete Godbole sold 5,202 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total transaction of $218,067.84. Following the completion of the sale, the chief financial officer now owns 44,346 shares of the company’s stock, valued at approximately $1,858,984.32. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Pete Godbole sold 5,202 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $41.92, for a total value of $218,067.84. Following the completion of the sale, the chief financial officer now owns 44,346 shares of the company’s stock, valued at approximately $1,858,984.32. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Michael Arntz sold 7,702 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $39.44, for a total transaction of $303,766.88. Following the completion of the sale, the executive now directly owns 12,718 shares of the company’s stock, valued at approximately $501,597.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,770 shares of company stock valued at $1,132,791. Corporate insiders own 4.52% of the company’s stock.

Institutional Trading of Smartsheet

Several hedge funds have recently made changes to their positions in the company. Cetera Advisors LLC purchased a new stake in shares of Smartsheet in the 1st quarter valued at approximately $219,000. Swedbank AB acquired a new position in shares of Smartsheet in the 1st quarter worth approximately $38,388,000. Washington Harbour Partners LP lifted its holdings in shares of Smartsheet by 1.1% in the 1st quarter. Washington Harbour Partners LP now owns 93,034 shares of the company’s stock worth $3,582,000 after acquiring an additional 1,000 shares during the last quarter. Plato Investment Management Ltd acquired a new position in shares of Smartsheet in the 1st quarter worth approximately $35,000. Finally, Invenomic Capital Management LP lifted its holdings in shares of Smartsheet by 80.3% in the 1st quarter. Invenomic Capital Management LP now owns 569,528 shares of the company’s stock worth $21,927,000 after acquiring an additional 253,598 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Smartsheet Company Profile

(Get Free Report)

Smartsheet, Inc engages in managing and automating collaborative work. Its platform provides solutions that eliminate the obstacles to capturing information, including a familiar and intuitive spreadsheet interface as well as easily customizable forms. The company was founded by W. Eric Browne, Maria Colacurcio, John D.

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Analyst Recommendations for Smartsheet (NYSE:SMAR)

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